Emerging Economies and EV Production Capacity Expansion in Southeast Asia Provide Lucrative Opportunities for 2023 Asia-Pacific Electric Car Market

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Aug 31, 2023, 21:15 ET

DUBLIN, Aug. 31, 2023 /PRNewswire/ -- The "Asia Pacific Electric Passenger Car Market By Type, By propulsion type, By Battery Capacity, By Country, Competition Forecast & Opportunities, 2018- 2028F" report has been added to ResearchAndMarkets.com's offering.

The Asia-Pacific electric passenger car market is poised for rapid growth, driven by a combination of favorable government policies, increased investments by leading automotive manufacturers, and decreasing battery costs.

The adoption of electric mobility in emerging economies and the expansion of electric vehicle (EV) and battery production capacities in Southeast Asia are expected to offer substantial growth opportunities for market players in the region.

Key Drivers of Market Growth:

Supportive Government Policies: Governments worldwide are channeling investments into electric mobility, promoting the phasing out of fossil fuel vehicles, expanding public EV charging infrastructure, and providing incentives such as subsidies and tax rebates to encourage EV adoption. These actions are projected to fuel the market's expansion, with governments also investing in charging infrastructure development.
Rising EV Sales: Increasing environmental awareness and changing consumer preferences are leading to a surge in EV sales globally. Both passenger and commercial EVs are gaining popularity due to greater environmental consciousness. The growth in luxury car sales, driven by increased disposable income, is also contributing to the expansion of the EV market.
Recent Developments: Prominent automakers are introducing advanced electric vehicle models to the market, enhancing the options available to consumers. Notable developments include Tata Motors' launch of the long-range Nexon EV in India and Toyota's introduction of the bZ4X battery-powered SUV in Japan.

Challenges and Opportunities:

High Initial Investments: The establishment of EV fast charging infrastructure requires significant initial investment, presenting a challenge to the industry's growth. Additionally, the lack of sufficient charging infrastructure and high car costs are potential obstacles for market expansion.

Market Segmentation:

Type:

Hatchback
Sedan
SUV

Propulsion Type:

Battery Electric Vehicle
Plug-in Hybrid Electric Vehicle
Hybrid Electric Vehicle
Fuel Cell Electric Vehicle

Battery Capacity:

<50 kWh
50-100 kWh
>100 kWh

Country:

China
Japan
India
Singapore
Thailand
Indonesia
South Korea
Malaysia

Prominent Companies:

Ford Motor Company
General Motors Inc.
Kia Motors Company
SAIC Motor Corporation
Mercedes-Benz AG
Hyundai Motor Corporation
BYD Co., Ltd.
Toyota Motor Company
Nissan Motor Company, Ltd
Volkswagen AG

For more information about this report visit https://www.researchandmarkets.com/r/ob4vv0

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SOURCE Research and Markets